Commentary & Deal Flow

IPTs: 7yrNC0.5: 99.25a

• Issuer: United Group BV
• Ticker: ADRBID
• Ratings: B2/B (Moody's/S&P)
• Format: 144A/Reg S (No reg rights)
• Size: €305m
• Type: Tap
• Security: Senior Secured FRN
• Maturity: 31-Jan-33
• Coupon: 3mE+325bp
• Call Protection: NC0.5, MWC B+50bp, Callable 31-Jan-27 at 100
• Change of Control: 101
• Interest Payment Dates: 15-Feb, 15-May, 15-Aug, 15-Nov, starting 15-Aug-26
• Listing: ISE
• Governing Law: New York law
• Denominations: €100k x €1k
• Fungibility: 144A immediately (Reg S after 40 days)
• Original Issue: €1.13bn priced 15-Jan-26
• Use of Proceeds: Redeem its existing €300m 4.625% sr sec notes due 15-Aug-28 (callable at 101.156)
• Sole Physical Bookrunner: JPM
• Joint Global Coordinators & Joint Bookrunners: BNPP, Citi, CA-CIB, DB, GS, ING, KKR, Mizuho, MS, RBI, UniCredit
• Biz: leading telco and media player in Southeastern Europe (Bulgaria, Serbia, Slovenia, Croatia, Bosnia & Herzegovina, Montenegro and Greece). HQ: Amsterdam, Netherlands.
• Marketing: GIC 03-Jun-26 at 10:00am UKT.